DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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BDC portfolio
P•••• C•••••• S•••••••• B•• C••••
BDCnon-tradedCIK 1905824file 814-01549NEWPORT BEACH, CAmanaged by P•••••• I••••••••• M••••••••• C•••••• L••
Fair value
$395M
as of Jun 30, 2026
Principal held
$196M
debt pieces, the filer's figure
Cost
$405M
98c on cost
Unfunded
n/a
commitments not yet drawn
Positions
93
44 borrowers
First lien
34%
47% debt by fair value
Quarters on the tape
13
since Dec 31, 2022
Facilities held
54
14 sponsors financed
Portfolio through time
Fair value by quarter end$395M as of Jun 30, 2026
Dec 31, 2022$1.1B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $395M | 44 | 99c | 5 | n/a |
| Mar 31, 2026 | $408M | 42 | 97c | 3 | n/a |
| Dec 31, 2025 | $390M | 40 | 99c | 3 | n/a |
| Nov 17, 2025 | n/a | 1 | n/a | 0 | n/a |
| Sep 30, 2025 | $458M | 47 | 100c | 3 | 435 bp |
| Jun 30, 2025 | $1.2B | 45 | 98c | 0 | 462 bp |
| Mar 31, 2025 | $1.2B | 43 | 98c | 0 | 463 bp |
| Dec 31, 2024 | $1.7B | 45 | 99c | 0 | 449 bp |
| Sep 30, 2024 | $995M | 36 | 99c | 0 | 450 bp |
| Jun 30, 2024 | $859M | 28 | 99c | 0 | 469 bp |
| Mar 31, 2024 | $914M | 29 | 99c | 0 | 506 bp |
| Dec 31, 2023 | $1.4B | 26 | 99c | 0 | 512 bp |
| Sep 30, 2023 | $891M | 26 | 99c | 0 | 486 bp |
| Dec 31, 2022 | $1.1B | 29 | 90c | 0 | 430 bp |
Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
Largest facilities held, with co-lenders
- W••• M••••• warrants1 BDC hold it · matures Sep 8, 2028$47.2M n/a
- V•••••• second lien term loan1 BDC hold it · matures Aug 21, 2029$13.0M 117c
- A•••••• I•• first lien term loan1 BDC hold it · matures Dec 21, 2027$11.1M 100c
- V•••••• first lien term loan1 BDC hold it · matures Jun 12, 2031$7.9M 100c
- K• P••• S•••••••• N•••• H•••••• 2• second lien term loan1 BDC hold it · matures Jan 30, 2029$6.2M 105c
- P•••• L•• first lien term loan5 BDCs hold it · matures Jun 30, 2031$5.8M 98c
- A••• S•••••• P•••••••• L•• first lien term loan35 BDCs hold it · matures Oct 24, 2030 · A••••• I••••••••$5.5M 101c
- N•••••• D•••••• H••••••• G••••• I•• first lien term loan1 BDC hold it · matures Apr 30, 2029 · S•••• C•••••• G••••• L••$5.1M 80c
- A•••••• L•• first lien delayed draw term loan8 BDCs hold it · matures Sep 13, 2029$5.0M 99c
- A••••• E•••••• H•••••••• L•• first lien delayed draw term loan1 BDC hold it · matures Mar 27, 2027$5.0M 99c
- R••••••••• H•••••• C••• first lien term loan18 BDCs hold it · matures Dec 11, 2031 · G•• C•• A••••••• I•••$4.9M 80c
- M•• S••••••• L•• first lien term loan36 BDCs hold it · matures Feb 29, 2028$4.6M 98c
Schedule of investments at Jun 30, 2026
93 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| Total Investments | unstated lien unstated | n/a | $198M 98c | ||
| V•••••• Technology | term loan second lien | $13.0M | $13.0M 117c | PIK 17.00% | Aug 21, 2029 |
| Debt Investments | Short-T••• Investments | U.S. Government | unstated lien unstated | $12.0M | $11.9M 100c | 3.67% | Aug 19, 2026 |
| A••••••, Inc. IT S••••••s | term loan first lien | $11.1M | $11.1M 100c | 10.52% | Dec 21, 2027 |
| Debt Investments | Short-T••• Investments | U.S. Treasury Bi | unstated lien unstated | $10.0M | $9.9M 100c | 3.63% | Sep 8, 2026 |
| V••••••, B-1 Technology | term loan first lien | $7.2M | $7.2M 100c | PIK 20.00% | Jun 12, 2031 |
| K• P••• S•••••••• N•••• H•••••• 2• Chemicals | term loan second lien | $6.2M | $6.3M 105c | 17.00% PIK 7.00% | Jan 30, 2029 |
| P•••• L•• Chemicals | term loan first lien | $5.8M | $5.6M 98c | 9.48% | Jun 30, 2031 |
| Gaming | term loan first lien | $5.0M | $5.4M 110c | 10.67% | Oct 15, 2030 |
| A••••• E•••••• H•••••••• L•• Healthcare | delayed draw term loan first lien | $5.0M | $4.9M 99c | 9.63% | Mar 27, 2027 |
| M•••••• E••••••, Series A Energy | preferred equity equity | $4.6M | $4.9M 104c | ||
| Debt Investments | First Lien Senior Secured | Technology | Technology | term loan first lien | $4.9M | $4.8M 100c | 10.64% | Jan 30, 2030 |
| MRI S•••••••, LLC Technology | term loan first lien | $4.6M | $4.5M 98c | 8.48% | Feb 10, 2028 |
| Debt Investments | Short-T••• Investments | U.S. Government | unstated lien unstated | $4.5M | $4.5M 100c | 3.70% | Sep 16, 2026 |
| I•••••••• M•••••••• A••••••••• L•• | term loan first lien | $4.4M | $4.4M 100c | 8.67% | Aug 25, 2028 |
| Industrial Other | term loan first lien | $4.4M | $4.4M 101c | 9.12% | Aug 30, 2032 |
| D•• H••••••• I••• I••. Consumer Products | term loan first lien | $4.3M | $4.3M 100c | 8.89% | Nov 1, 2028 |
| Industrial Other | term loan first lien | $4.2M | $4.2M 100c | 8.37% | Aug 14, 2029 |
| A•••• Borrower 2025, Inc. Technology | term loan first lien | $4.3M | $4.2M 99c | 7.98% | Oct 15, 2032 |
| R••••••••• H•••••• C•••. Technology | term loan first lien | $4.9M | $3.9M 80c | 7.66% | Apr 5, 2030 |
| A••••• W••• N•••••••• I••. Technology | term loan first lien | $4.0M | $3.9M 99c | 9.41% | Feb 4, 2030 |
| N•••••• D•••••• H••••••• G••••• I••. Technology | term loan first lien | $4.8M | $3.9M 80c | 7.24% | Apr 30, 2029 |
| Debt Investments | First Lien Senior Secured | Technology | Technology | term loan first lien | $3.8M | $3.8M 101c | 8.45% | Jul 20, 2029 |
| M••••••• A••••••••• I••. T••• BL••• | term loan first lien | $3.2M | $3.2M 100c | 8.64% | Jun 3, 2030 |
| A••••••• L•• B-12 | term loan first lien | $3.2M | $3.2M 99c | 7.91% | Sep 19, 2030 |
| A••• S•••••• P•••••••• L•• | term loan first lien | $3.2M | $3.2M 101c | 8.73% | Oct 24, 2030 |
| S••••••••• 2• S•• r••. Entertainment | term loan first lien | $2.4M | $2.7M 106c | 7.88% | Aug 14, 2029 |
| V••••••, Class A Technology | equity equity | $5,000 | $2.3M 33c | ||
| Debt Investments | First Lien Senior Secured | Consumer S••• Consumer S••••••s | term loan first lien | $2.3M | $2.3M 99c | 8.89% | May 19, 2031 |
| Venture Global, Inc. Energy | preferred equity equity | n/a | $2.2M 112c | ||
| C•••••••• C•••••• A••••••••• C•• I•• L•• Technology | term loan first lien | $2.1M | $2.2M 103c | 9.70% | May 16, 2029 |
| G••••••• A••••••••• C•••• T••• B• L••• Pharmaceuticals | term loan first lien | $2.2M | $2.2M 99c | 7.83% | Oct 1, 2027 |
| S•••••••• G•••• M•••• 2• G••• | term loan first lien | $2.5M | $2.0M 81c | 8.18% | Dec 19, 2031 |
| E••• B••••• Professional S••••••s | term loan first lien | $2.0M | $2.0M 100c | 8.67% | May 29, 2033 |
| A•••••• L•• Consumer S••••••s | delayed draw term loan first lien | $5.0M | $1.9M 99c | 9.14% | Sep 13, 2029 |
| L•• A••••••••• L•• | term loan first lien | $2.2M | $1.8M 97c | 7.50% | Jun 6, 2031 |
| Debt Investments | Short-T••• Investments | U.S. Treasury Bi | unstated lien unstated | $1.8M | $1.8M 100c | 3.57% | Aug 18, 2026 |
| C••••••••• A••••••••• H•••••••• I••. Seven Year Packaging | term loan first lien | $1.8M | $1.8M 101c | 6.82% | Apr 13, 2029 |
| debt Investments | First Lien Senior Secured | Professional Professional S••••••s | term loan first lien | $1.8M | $1.8M 100c | 9.14% | May 13, 2033 |
| C•••••••• I••. Technology | term loan first lien | $1.9M | $1.8M 92c | 6.37% | May 1, 2031 |
| P••••••• P•••••• L•• Healthcare | term loan first lien | $2.0M | $1.7M 95c | 8.23% | Apr 16, 2032 |
| C•••••••• I••. Technology | term loan first lien | $1.8M | $1.6M 92c | 6.37% | Mar 26, 2032 |
| U••• R•••• C•••• I••. Healthcare | term loan first lien | $1.6M | $1.5M 126c | 8.76% | Jun 28, 2028 |
| D••••• Intermediate Holdings, Inc. Technology | term loan first lien | $1.6M | $1.5M 95c | 9.15% | Aug 26, 2032 |
| D••••••••• I••. Technology | term loan first lien | $1.4M | $1.4M 100c | 8.11% | Jan 5, 2032 |
| M• S•• I• L•• Technology | term loan first lien | $1.5M | $1.4M 100c | 7.89% | May 3, 2028 |
| M•••• I••. | term loan first lien | $1.4M | $1.4M 100c | 8.39% | Mar 31, 2032 |
| Debt Investments | Short-T••• Investments | U.S. Treasury Bi | unstated lien unstated | $1.3M | $1.3M 100c | 3.50% | Jul 28, 2026 |
| P•••••• N••••• L•• Dollar Technology | term loan first lien | $1.4M | $1.3M 87c | 7.92% | Jun 2, 2028 |
| S•••••• B••••, LLC | term loan first lien | $1.2M | $1.2M 100c | 8.87% | Apr 30, 2032 |
| K• P••• S•••••••• Chemicals | equity equity | $897,000 | $984,000 345c | ||
| Debt Investments | Short-T••• Investments | U.S. Government | unstated lien unstated | $900,000 | $895,000 100c | 3.67% | Aug 21, 2026 |
| Debt Investments | Short-T••• Investments | U.S. Government | unstated lien unstated | $900,000 | $895,000 100c | 3.67% | Aug 26, 2026 |
| M• S•• I• L•• Technology | term loan first lien | $982,000 | $854,000 89c | 7.89% | Dec 31, 2031 |
| A••• S•••••• P•••••••• L•• Initial Delayed | term loan first lien | $753,000 | $753,000 101c | 8.73% | Oct 24, 2030 |
| A••• S•••••• P•••••••• L•• Delayed | term loan first lien | $751,000 | $751,000 100c | 8.73% | Oct 24, 2030 |
| V••••••, B-2 Technology | term loan first lien | $721,000 | $722,000 100c | PIK 20.00% | Jun 12, 2031 |
| A••• S•••••• P•••••••• L•• Second Amendment Delayed | term loan first lien | $643,000 | $643,000 100c | 8.73% | Oct 24, 2030 |
| M••••••• A••••••••• I••. | delayed draw term loan first lien | $635,000 | $634,000 100c | 8.64% | Jun 3, 2030 |
| D••••••• H•••••• L•• Healthcare | term loan first lien | $600,000 | $610,000 104c | 9.64% | Nov 26, 2030 |
| M••••••• A••••••••• I••. | delayed draw term loan first lien | $552,000 | $551,000 100c | 8.64% | Jun 3, 2030 |
| Debt Investments | First Lien Senior Secured | Technology | Technology | revolver first lien | $606,000 | $513,000 101c | 8.48% | Jul 20, 2029 |
| D••••••••• Technology | revolver first lien | $501,000 | $501,000 101c | 8.48% | Jul 20, 2029 |
| Debt Investments | Short-T••• Investments | U.S. Treasury Bi | unstated lien unstated | $500,000 | $499,000 100c | 3.45% | Jul 23, 2026 |
| Debt Investments | Short-T••• Investments | U.S. Treasury Bi | unstated lien unstated | $500,000 | $497,000 100c | 3.60% | Aug 25, 2026 |
| Debt Investments | Short-T••• Investments | U.S. Government | unstated lien unstated | $500,000 | $495,000 100c | 3.71% | Sep 30, 2026 |
| N•••••• D•••••• H••••••• G••••• I••. Technology | term loan second lien | $982,000 | $425,000 43c | 7.21% | Apr 30, 2029 |
| Debt Investments | Short-T••• Investments | U.S. Treasury Bi | unstated lien unstated | $400,000 | $400,000 100c | 3.22% | Jul 9, 2026 |
| Debt Investments | Short-T••• Investments | U.S. Treasury Bi | unstated lien unstated | $400,000 | $398,000 100c | 3.54% | Aug 11, 2026 |
| N•••••• D•••••• H••••••• G••••• I••. New Money Technology | term loan first lien | $288,000 | $234,000 84c | 9.36% | Apr 30, 2029 |
| M•••••• S••••••• I••. 2L Technology | term loan second lien | $584,000 | $228,000 58c | PIK 12.00% | Jul 26, 2030 |
| A••• S•••••• P•••••••• L•• Second Amendment | term loan first lien | $218,000 | $218,000 100c | 8.73% | Oct 24, 2030 |
| C••••• P••••••• E••••• H•••••• L•• | revolver first lien | $413,000 | $181,000 84c | 8.15% | Jul 28, 2031 |
| K• P••••• Chemicals | equity equity | $113,000 | $124,000 344c | ||
| A••• S•••••• P•••••••• L•• | revolver first lien | $253,000 | $116,000 99c | 8.73% | Oct 24, 2029 |
| Debt Investments | Short-T••• Investments | U.S. Treasury Bi | unstated lien unstated | $100,000 | $100,000 100c | 3.38% | Jul 16, 2026 |
| Debt Investments | Short-T••• Investments | U.S. Treasury Bi | unstated lien unstated | $100,000 | $100,000 100c | 3.07% | Jul 7, 2026 |
| Debt Investments | Short-T••• Investments | U.S. Treasury Bi | unstated lien unstated | $100,000 | $100,000 100c | 3.43% | Jul 21, 2026 |
| Debt Investments | Short-T••• Investments | U.S. Treasury Bi | unstated lien unstated | $100,000 | $100,000 100c | 3.51% | Aug 4, 2026 |
| Debt Investments | Short-T••• Investments | U.S. Treasury Bi | unstated lien unstated | $100,000 | $99,000 100c | 3.63% | Aug 27, 2026 |
| Debt Investments | Short-T••• Investments | U.S. Treasury Bi | unstated lien unstated | $100,000 | $99,000 100c | 3.61% | Sep 10, 2026 |
| D••••••• H•••••• L•• Healthcare | delayed draw term loan first lien | $75,000 | $76,000 103c | 9.64% | Nov 26, 2030 |
| MRI S•••••••, LLC Technology | revolver first lien | $294,000 | $73,000 100c | 8.48% | Feb 10, 2028 |
| S•••••• B••••, LLC | revolver first lien | $232,000 | $55,000 100c | 8.87% | Apr 30, 2032 |
| D••••• Intermediate Holdings, Inc. Technology | revolver first lien | $157,000 | $27,000 100c | 9.12% | Aug 26, 2032 |
| W••• M•••••/Rising Tide Holdings, Inc. | equity equity | n/a | $0 0c | ||
| W••• M•••••/Rising Tide Holdings, Inc | warrants equity | $47.2M | $0 | Sep 8, 2028 | |
| T•••• M•••• | unstated lien unstated | n/a | n/a | ||
| O•• M•••• | unstated lien unstated | n/a | n/a | ||
| O•• M•••• | unstated lien unstated | n/a | n/a | ||
| S•• M•••• | unstated lien unstated | n/a | n/a | ||
| T•••• M•••• | unstated lien unstated | n/a | n/a | ||
| S•• M•••• | unstated lien unstated | n/a | n/a |
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Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2023 to 2026reported
- Filings listed
- 16reported10-Q and 10-K since 2022
- Latest schedule
- 0001193125-26-344935reported